Free Press Journal

Indore: 6 city firms under scanner for depositing bulk cash during DeMo

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Indore: Income tax department has started cracking whip on the people who deposited a bulk amount of currency in banks during demonetisation last year and did not pay the due income tax.
As many as six such firms based in city came on the radar of the department when it started a survey action against them on Monday.

A high ranking source in the I-T department informed on Tuesday that officers of the department have initiated survey action against six firms located in the city. The companies under scanner including Drugs trading firm of Kishor Khere located in Dawa Bazar, grain trading firm of Jagdish Mangwani Ganga Laxmi Traders in Shradhanand Marg Chhawani, data processing firm Pearl Computers located in Electronic complex, A civil construction firm of Arvind Goyal, Bharat Jewellers located in Sindhi Colony and Kaladevi Trading company of Tarun Mittal, the source said.

Sources further informed that after receiving the required information from banks about the deposits of bulk cash made during the period of demonetisation, the data mining further revealed shocking results highlighting the name of these firms and their proprietors.


“Thereafter, the department had served online and offline notices to these firms multiple times to explain the source of income and pay the tax accordingly. But the firms defied all the notices repeatedly, forcing the department to finally launch the survey action against them simultaneously on Monday,” the source informed.

He added that “The action continued on Tuesday as well. Two firms– one of Arvind Goyal’s and another Bharat Jewellers– have initially admitted to have evaded a tax totalling to Rs 1.5 crore, while the officers are calculating the amount of tax evasion made by the remaining four firms.”
At the end of the action a large amount of tax evasion is likely to exposed, the sources hinted at.